Omaha daily bee., 1887-02-07
THE WEEK IN WALL STREET.
The Europeon situation Guides
AGairs on the Stnck EXCHANGE.


NEW York. Feb. Especial Telegram to
the BEEl-The European situation with its
rapidly varying phases had the guidance of
affairs at the stock exchange during tie
greater part of the week True, other causes
were at work notably the labor troubles,
which, however lost much OF their interest
and influence as time wore on, but the series
of panics in London and on the continent
growing out Of the war scare formed the
main factor Even Mt the height of the ex
element none OF the foreign bankers here
who conduct arDitrage dealings believed that
war would really ensue unless some OF the
leaders of the military party should precipi-
tate II by the commission of rash overt
act, and all attributed the unsettled state OF
political affairs to the efforts of Bismarck to
win at the forthcoming elections. As the
week advanced the fact was developed that
speculation had much to do with panics,
and that strong bear party was operating
both at Berlin and Paris, who strained to the
utmost every utterance of Bismarck and
Bohlanger to further their objects. They
succeeded in bringing about enormous
liquidations for bull account in
all classes of stocks, and as
the continent poured these out in London
that center sought New \ ork as an outlet for
Americans, which produced a marked effect
on prices here at intervals. 1t was notice
able feature, however, that after the hrst
panic early in the week the effect of each sub
sequent one grew less ana less upon the New
York market, Notwithstanding the knowledge
that the German elections do not take place
until the latter Part of the month, when or
course offers an opportunity for constant
repetition of the war scares. THIS decreasing
impression here was the result % an Increased
disposition to buy stocks on all reactions
caused by London selling, which grew out OF
the belief that liquidatiOnS in Americans on
tho other side were practically over, and that
some of the more recent sales were for short
account. All things considered, fluctuations
on leading shares, while frequent, were not
nearly so wide as might have been expected
under the circumstances, the changes gen
orally having been cOmpassed wlthln range
of l to "a points. New England was
marked exception and rose over points,
in later dealings. In the rally which fol-
lowed Fridays recovery at London some
stocks recorded the highest figures of the
week. and number of Others almost entirely
recovered the early decline. With numerous
changes in the stock market 1t was not sur
prising that railroad bonds OF a speculative
class vibrated frequently, AS general
thing lower prices were touched, the decline
at bottom figures have been equal to l to 5
points. Texas Pacific suffered moro because
of the contention II between the reorganization
committee and the income bondholdcrs.
Erie 2ds, Wabash lChicago diysion), st.
Louis, Arkansas " Texas 2ds, Denver As,
Chesapeake tS Ohio class B and currency 6s,
Mexican National lists, and Kansas ~ Texas
generals were also conspicuous for weakness.
Later on there was an advance or n to 315
points, the latter in New York City and
Northern lists, which were active on tho
rumored reopening of negotiations for the
settlement of differences with the New York
Loan ard Improvement company. Knoxville
IL Ohio lists advanced about as much
and generally there was recovery OF about
/ to 2 points. Governments were firm
throughout the week and prices were well
maintained. Foreign exchanges were strong
and higher ana rates advanced until they
were only slightly below the gold exporting
point. The rise was due to the light supply
of bills and the demand to cover stocks
shipped from Europe to this county. The
advance halted, however,, soon after the
middle Of the week, and while there was no
material change in rates, the tone OF the
market was little easier. The monetary
situation was characterized by eaSe and
borrowers on call had no difficulty in sup
plying requirements at 3Il and Az per cent,
with exceptions at still lower figures.